New York, Oct. 3 -- Berkshire Hathaway, the Warren Buffett-owned conglomerate, has announced its biggest deal in three years with the planned acquisition of OxyChem for $9.7 billion.
This will be Buffett's biggest deal since he paid $11.6 billion for Alleghany, an insurance company, in 2022. Buffett, 95, recently announced he was stepping down as CEO at the end of the year, reports CNN.
OxyChem is the chemical business of Occidental, in which Buffett is a major investor. About $6.5 billion of the all-cash deal announced Thursday will be used to pay down Occidental's debt, which has ballooned to more than $20 billion.
Published by HT Digital Content Services with permission from United News of India....